Asset Allocation

Absolute Return

Reactivity & Risk Control

UCITS IV NAVs

MB Global Macro EUR share NAV:                            105.39€  (as of 05/16/2012)

                    Performance since 09/30/2011 :                                           +33.10%

                    Performance year-to-date :                                                     +7.03%

                    Performance since inception (09/02/2010) :                          +5.39%

                    Performance since one year (05/18/2011) :                           +7.03%

MB America EUR share NAV:                                      89.62€ (as of 05/11/2012)

                     Performance since 09/30/2011 :                                          +29.96%

                     Performance year-to-date :                                                    +4.67%

                     Performance since inception (09/10/2010) :                        -10.38%

                     Performance since one year (05/06/2011) :                         -9.71%

Past returns are no guarantee of future returns. Returns vary over time.